Fairfield scores $50M loan, breaks ground on new Fort Lauderdale apartments
Project includes 292 luxury residences
March 21, 2016 10:30AMBy Sean Stewart-Muniz
The Fort Lauderdale development site along Northeast 7th Street (Inset: Fairfield Residential CEO Greg Pinkalla)
Fairfield Residential, a multifamily builder based in California, just broke ground on its newest apartment community in downtown Fort Lauderdale after receiving a $50 million loan.
The loan, issued by Mercantil Commercebank, covers about 2.5 acres of land in the 200 block of Northeast 7th Street, Broward County records show.
Fairfield assembled the parcels for an unknown amount mid-year 2015 through separate deals with Pacific National Bank and local landowners.
Now with financing in hand, Fairfield has started construction of an apartment building with 292 residences.
Dev Motwani of Merrimac Ventures told The Real Deal in June that he was one of the property owners who sold to Fairfield. He had obtained approvals for a luxury apartment building on the property before trading it to the California builder.
Fairfield owns eight apartment communities in South Florida, though none are located in Fort Lauderdale. The company was founded in 1997 and has since built roughly 104,000 units throughout the United States, according to its website.
Source: The Real Deal